Aug 26, 2011, 01.21 PM | Source: PTI
A top Obama Administration official on Thursday praised Tata Steel as a shining example of foreign direct investment (FDI) in the United States that has created jobs in the economy.
"It's a story worth listening to, a story that needs more characters like Tata Steel," Acting US Commerce Secretary Rebecca Blank said after a tour of Thomas Steel Strip Corporation, a member of the Tata Steel Europe Group and a manufacturer of cold-rolled strips usually used as steel castings for batteries.
In her remarks, Blank highlighted the significance of FDI, citing Tata Steel as an example of foreign companies whose investments in the US strengthen economic growth and job creation.
With FDI supporting more than 5 million American jobs, Blank discussed a new government-wide initiative, dubbed SelectUSA, that seeks to cut federal red tape for domestic and foreign investors, remove barriers to new investment and boost business growth in the United States.
"In order to create all the jobs we need, we have to attract more businesses like Tata to our shores and do more to keep great US firms here," Blank said.
"That's why SelectUSA was created. It's the first government-wide initiative to attract and retain new business investment -- investment such as Tata Steel -- and the jobs that come with it in the United States. SelectUSA is vital to help more businesses grow and create long-lasting economic value in the US," she said.
"Today, we have USD 2.3 trillion of FDI in America. And foreign firms that locate in the US are more likely to export and typically pay their workers higher wages on average," she said.
"This foreign investment is supporting more than 5 million jobs throughout the 50 US states, including those right here at Thomas Steel Strip. That's why we want to attract more firms, such as Tata, to America," Blank said
"It's easy to see why they would want to be here. The American workforce is one of the best educated, most productive and most innovative in the world," she said.
After the tour, Blank discussed the importance of strengthening America's education, infrastructure and innovation capacity as ways to rebuild its economic foundations, create jobs and enhance global competitiveness.
She also underscored the steps the administration has already taken to achieve these priorities, ranging from investing in community colleges and funding transportation projects across the country to launching the President's National Export Initiative and exploring ways to shorten the time taken for approval of patents, a media release said.